By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased the session’s earlier gains, and ended Tuesday in the negative territory, following profit-taking on leading shares, according to technical analyst Mohamed Sonbol.
The DFMGI shed 0.98% or 35.9 points and closed 3,642.85 points. Turnover reached AED 954.78 million, up from AED 900.94 million on Monday, while traded volume decreased to 532.98 million shares from 581.68 million the day before.
“The DFM’s decline was due primarily to a decline in leading stocks and profit-taking,” Sonbol told Mubasher in a comment.
He added that the DFM was unable to maintain its position above 3,750 points.
The transport sector led loser, falling 2.17% after Aramex and Air Arabia retreated 2.7% and 2.13%, respectively.
The banking sector levelled down 1.38% after Dubai Islamic Bank (DIB) declined 1.5%, while the investment sector decreased 0.96% on the back of DFM Company’s 2.3% drop.
The real estate sector fell 0.8% as Arabtec and Emaar Properties were down 1.5% and 1.06%, respectively.
On the other hand, the consumer staples sector grew 0.54% after DXB saw a similar increase.
The DFMGI’s sideways performance ranges of 3,200 to 3,750 points are likely to continue on the short term, the analyst noted.
Sonbol recommended that investors reduce their positions and hold as much cash as possible until the DFMGI tests support at 3,200, 3,490 and 3,750 points.
Translated by: Nada Adel Sobhi
